According to the report from World Trade Organization (WTO), the global merchandise trade volumes will increase by 3.5% in 2022, slightly higher than the 3% prediction in April. However, it forecasted the volume in 2023 would increase merely 1%, which greatly declined from the previous forecast of 3.4%.

WTO stated that the Russia-Ukraine war made the energy price hike in Europe, leading to rising household spending and manufacturing costs.

In terms of the US, the tightening monetary policy from the US Federal Reserve (FED) impacts the area of housing, motor vehicles, and fixed investment significantly.

China was facing challenges, including the Covid-19 epidemic, production disruptions, and low foreign demand. Also, the growing import cost of fuels, food, and fertilizers made developing countries’ food supply and debt under pressure.